Two Executives Acquire Newport Beach Firm

Two top executives of the Santa Anita Development Corp. have completed the previously announced purchase of the Newport Beach commercial and industrial real estate firm for $16.3 million--$7.5 million in notes and $8.8 million in cash--from its parent company.

Santa Anita Operating Co., whose realty affiliate owns the Santa Anita race track, announced last month that it would sell Santa Anita Development, its 25-year-old subsidiary primarily known for building neighborhood shopping centers, to President Gary Hamilton and Executive Vice President William A. Steele.

Hamilton and Steele have formed a new real estate company named SDC Development, a spokesman for Santa Anita Operations said.